CRM buyer’s guide 2018

[Pages:23]CRM buyer's guide 2018

Key points to consider when selecting a new CRM solution for your business

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CRM buyer's guide 2018 | Key points to consider when selecting a new CRM solution for your business

Contents

Introduction Step 1: Do you need a new CRM system? Step 2: Do you need a CRM consultant? Step 3: Requirements gathering Step 4: Pulling together a vendor shortlist Step 5: Vendor demos Directory

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CRM buyer's guide 2018 | Key points to consider when selecting a new CRM solution for your business

INTRODUCTION

Organisations are spending more on CRM systems than ever before. And all the indications point to this figure only increasing in the foreseeable future.

The latest forecasts from IT Intelligence Markets predict that the global CRM market will grow by 36% through 2022. But this level of investment hides an inconvenient truth ? buying CRM is a painful process. Whether you're buying your first CRM solution, or changing your existing CRM tool, the purchase process can be long and challenging. And if the wrong decision is ultimately made, leaving the organisation with a CRM system that isn't fit-for-purpose, the consequences can be costly. With this in mind, MyCustomer has pulled together a comprehensive buyer's guide to help businesses that are in the market for a new CRM solution, providing them with some useful steer.

This report delivers expert advice on questions such as: ? How do I know if I need a new

CRM solution? ? How do you select the right

CRM consultant? ? How do you best conduct

requirements gathering? ? How much does CRM cost? How can

you prepare for and make the most of your CRM demo? The report also contains an extensive listings section of CRM suppliers, so readers can browse some of the best providers in the market.

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STEP 1: DO YOU NEED A NEW CRM SYSTEM?

The vast majority of large organisations have a CRM system in place, but that doesn't mean they have the best CRM system for their needs.

In some cases, problems will surface somewhere along the line, and this provides a catalyst for change. But for many others, there is uncertainty about whether their current CRM system needs changing. Should they stick to what they know, and use the system that they have become accustomed to, warts and all, or change vendor and leap into the unknown? If you're unsure whether or not you may need a new CRM, this guide is a handy checklist of things you should consider.

How should CRM be helping your organisation achieve its goals? If you're reading this report, it's likely that you are considering investing in a new CRM solution ? but you may lack confidence in your decision. To help clarify your thinking, consider questions such as: What are we doing right now that we could be doing better? What are our users telling us about the current CRM system? And what are our customers telling us that we should be doing?

CRM buyer's guide 2018 | Key points to consider when selecting a new CRM solution for your business

Without a business case to show to show the ROI resulting from your CRM investment, it will be difficult to quantify the success of your project.

Think about your goals in a very quantifiable way ? are you trying to improve customer satisfaction, raise your NPS (Net Promoter Score), or improve the length of your sales cycles? Think about where your organisation is now; where you want to be in the future; and whether your present CRM system can get you there.

Have you thought about what's wrong with your current CRM system?

Before swapping out your present CRM it's worth remembering that just switching to a new system without a focused plan to drive and sustain the new initiative might yield the same level of dissatisfaction.

It's important that you do your homework and evaluate your present/previous experience. Decide what is working, what hasn't historically worked and what strategies will lead to the best results the next time around.

Signs that your current system may be problematic include low adoption rate, no clear improvements in sales, customer data becoming hard to find and lengthy reporting processes. But there can be internal issues to blame for some of these, so you need to do your due diligence before just blaming the tools.

Have you got buy-in from those holding the purse strings?

In order to convince the CFO of the necessity of the investment in this kind of technology, you must have a clear vision of the end-state of your CRM and its business goals. What role will CRM play in helping you meet your goals? Without a business case to show the ROI resulting from your CRM investment, it will be difficult to quantify the success of your project.

To gain CFO support, link your CRM initiative to the strategic direction of the organisation, and be sure to have a solid CRM business plan, complete with metrics that are forecasted and matched quarterly over the life of the CRM initiative.

Do you understand the CRM market well enough?

There have never been more CRM solutions available than there are today. And those solutions have more features than ever before in what are often highly sophisticated solutions.

However, more is not always better. CRM buyers have to understand the market and its different categories in order to focus on the right type of vendor that offers just the right solution for the organisation.

Understanding where you fit is very important in that selection process.

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STEP 2: DO YOU NEED A CRM CONSULTANT?

Many organisations decide to employ a consultant to help them choose and implement a new CRM system. Certainly there are many benefits to hiring an expert to do the heavy-lifting. But with CRM being such a big investment, you're placing a lot of faith in that person or persons ? so you need to make sure that you make the right choice.

Historically, CRM consultants have been heavily involved during the technology selection process, because of the complexities of the marketplace. With the increasingly sophisticated tools, and the wide variety of options, as well as the significant marketing hype, it is little surprise that organisations have turned to consultants to help them make the right choice.

CRM buyer's guide 2018 | Key points to consider when selecting a new CRM solution for your business

However, this is only part of the consultant's role. There are at least five other key areas where CRM consultants can earn their crust:

? Feasibility and planning. Consultants are helping businesses determine whether a CRM project makes sense in the first place and in what form.

? Requirements definition. ? Negotiating pricing and terms. ? Implementation. ? Working with existing systems. Systems often under-perform as

a result of a poor implementation or user adoption issues, rather than a fault with the underlying technology. Re-implementing existing software can be considerably cheaper than buying a new system, but organisations often need outside guidance as to whether they are `salvageable'.

Gartner has estimated that on average 55% of work on a CRM project is done internally, and 45% is done by external third parties ? meaning either by the software vendor or a business consultant or an IT technical system integration consultant.

So if the hiring of a consultant is appealing, how can you ensure that you maximise the odds of it being a fruitful relationship? Here are some valuable tips.

Do your research

When you're evaluating CRM consultants, do your due diligence. Seek out consultants that have case study libraries that demonstrate their success. Look at the sustainability of their business - will they exist in a few years? Losing a valuable service and finding a replacement can be an arduous process.

And also consider value for money - sniff around for the best deal. It is a competitive market.

Look for experience in the same vertical as your organisation

Make sure you look for the consultant to bring insight and information about your industry to the project. You don't want generalists.

When you ask for customer references when speaking with consultants, specifically request feedback from those in the same industry as you, and also

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CRM buyer's guide 2018 | Key points to consider when selecting a new CRM solution for your business

ask to speak with them. This will give you a feel for the effectiveness of the consultant in areas that are important to you. Be clear about exactly what you need/expect from the relationship Remember to communicate exactly what your expectations from your consultant are, and confirm those requirements in writing. This will avoid any embarrassing and difficult conversations further down the line. Ensure you know who is involved You have to really understand what team you're actually going to get to work on your project. It doesn't matter if the consultancy has done thousands of projects, it only matters about the folks that you're going to have working on your project. It is a good idea to get references for the team members that are assigned to your project.

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